Abstract In this paper we evaluate the impact of grade span configuration on student outcomes. We build a model which shows that the more homogeneous the cohort of students the higher the share of them which achieves the minimum level of academic performance required in an exam. We then test this theoretical finding by comparing performances of 5th-grade students of elementary schools (1st to 5th grade) and those of elementary-middle schools (1st to 9th grade) in Brazil. PSM and PSM with Diff-in-Diff methodologies are used to control possible biases. We find that elementary schools present better results in Portuguese language and mathematics standardized score tests, higher passing rates and lower dropout rates than elementary-middle schools, which corroborates the theoretical results. The robustness of estimates is checked through several tests and alternative specifications. Finally, we found evidence that the main mechanisms behind our results are related to alternative pedagogical practices and school management policies.

O presente estudo investiga a relação entre o Programa Bolsa Família e a probabilidade de que jovens adultos entre 18 e 29 anos pertençam à geração "nem-nem". Para atingir este objetivo, é construído um modelo teórico que considera os microfundamentos da escolha do beneficiário entre trabalho, lazer e estudo. Empiricamente, utilizam-se os dados do Censo Demográfico de 2010 combinados com a estratégia metodológica de Imbens (2015) e o método Propensity Score Matching. Os resultados obtidos indicam que o Programa Bolsa Família reduz a probabilidade de que os jovens sejam "nem-nem".

This paper analyzes the relation between the Bolsa Família Program and the probability that young adults aged from 18 to 29 years belong to "nem-nem" generation. In order to achieve this goal, a theoretical model which takes into account the micro fundamentals of beneficiary's choice between labor, leisure and education, is built. Empirically, the 2010 Census data is combined with the methodological strategy provided by Imbens (2015) and the Propensity Score Matching. The results indicate that the Bolsa Família Program decreases the probability that young people belong to the "nem-nem" generation.

Existe, em alguns países, uma tendência de atribuir outras funções ao banco central além da estabilização de preços. A função mais sugerida a ser incorporada nas obrigações da autoridade monetária é a perseguição do crescimento econômico ou do pleno emprego. Neste artigo caracterizamos o comportamento e analisamos a política monetária ótima do chamado banqueiro central ingênuo. Descrevemos o comportamento ingênuo como aquele que enfrenta o trade-off inflação-desemprego, mas tenta minimizar ambas variáveis simultaneamente. Nossos resultados, tanto sob discrição quanto sob commitment, indicam que o banqueiro central ingênuo gera inflação esperada e variância inflacionária menores do que o comportamento de referência, sempre que a economia apresentar rigidez suficiente. Entretanto, o grau de conservadorismo também afeta este resultado, tal que quanto menos conservador for o banqueiro ingênuo, mais rigidez é necessária.

There has been in some countries a trend of assigning other functions to central banks besides price stability. The most suggested function to be added to monetary authority’s obligations is to pursue economic growth or full employment. In this paper we characterize the behavior and analyse the optimal monetary policy of, what we call, a naive central banker. We describe the naive behavior as one that does face the inflation-unemployment trade-off, but it tries to minimize both variables simultaneously. Our findings, both under discretion and commitment, indicate that the naive central banker delivers lower expected inflation and inflation variance than the benchmark behavior whenever the economy is rigid enough. However, the degree of conservativeness also affects this result, such that the less conservative the naive policymaker, the more rigidity is necessary.